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Anti-money laundering (AML) laws and procedures prevent criminals from disguising illegal funds as legitimate income. In the UAE, these regulations protect the economy and maintain transparency in financial transactions.
Anti-Money Laundering
(AML) Compliance in the UAE
Is AML compliance mandatory?
Yes. According to Federal Decree-Law No. (20) of 2018 and Cabinet Decision No. (10) of 2019, certain businesses known as Designated Non-Financial Businesses and Professions (DNFBPs) must comply with AML regulations. Failure to comply can result in severe penalties, including fines and suspension of business activities.
Which companies need
AML compliance?
The following categories of companies are considered DNFBPs:
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Banks, finance companies, exchange houses, and money service businesses, including hawaladars and other monetary value transfer services.
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Insurance companies, agencies, and brokers.
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Securities and commodities brokers, dealers, advisors, and investment managers.
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Virtual asset service providers (VASPs).
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Other entities that engage in regulated financial activities are defined as Licensed Financial Institutions (LFIs).
If your business falls within one of these categories, you will need to file reports. If you are unsure whether your business fits into one of the categories, please contact us. We can advise you and assist you in preparing and filing your reports on time.
What are the requirements for DNFBPs?
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Register on goAML
Complete registration on the goAML portal to report suspicious transactions. -
Appoint a compliance officer
Appoint a Money Laundering Reporting Officer (MLRO) who will be responsible for ensuring AML compliance. -
Maintain records
Maintain transaction and customer identification records for at least five years. -
Conduct Customer Due Diligence (CDD)
Implement procedures to verify customer identities and assess risks. -
Report suspicious transactions
File Suspicious Transaction Reports (STRs) promptly when necessary.
Why is the AML
service important?
service important?
If your business is required to provide AML reports to the tax authorities and fails to do so, it can lead to large fines and other problems. We've put together all the fines you may face in one table and categorized them. This makes it easier to navigate.
Repeat violations
For repeated offenses, the fines imposed may be doubled by the authorities.
Right to appeal
Entities have the right to appeal against imposed fines:
For repeated offenses, the fines imposed may be doubled by the authorities.
Right to appeal
Entities have the right to appeal against imposed fines:
- You must file an appeal within 15 days from the date of notification of the penalty.
- If the grievance isn't addressed within 30 days, it's considered dismissed. In that case, the entity can appeal the decision.
Let us know if you need help filing an appeal for this or another report. We are here to help.
How does the AML
service work?
service work?
We offer comprehensive support. This support ensures your business meets all AML requirements:
Initial assessmen
Determine if your business is classified as a DNFBP.
goAML registration
Assist with registering your company on the UAE's goAML portal, a platform for reporting suspicious transactions.
Policy development
Help draft internal AML policies and procedures that are tailored to your business.
Risk assessment
Perform customer and transaction risk assessments following the Ministry's guidelines.
Training
Provide your staff with training on AML compliance and reporting obligations.
Ongoing Support
Offer continuous assistance to ensure ongoing compliance and address any updates in regulations.
It can be challenging to handle all of these tasks on your own, and hiring an expert may not be the most cost-effective option for your business. Instead, outsourcing is a better solution. We provide AML service outsourcing with the best price-performance ratio.
Why make your ALM
compliance with movingo?
compliance with movingo?
-
Full compliance
Accurate and clean AML service in full compliance with the Federal Tax Authority (FTA), Mainland, and Free Zones authorities.1 -
Transparency and trust
Transparency is in our DNA. You always get what you pay for with no hidden fees, catches, or fine print.2 -
Speed and agility
With movingo, you gain access to a pool of professionals who are well-versed in the intricacies of the UAE market.3
Interested in learning more? Book a short, free consultation with one of our experts. We will listen to your needs and provide the best solution.
We have outsourced our anti-money laundering (AML) services to a trusted partner company, all while maintaining our affordable prices. Rest assured that we take great care of your documents and oversee all communication to ensure you receive a high-quality service from certified auditors and experienced accountants.
What our clients says
- Ryan SteeleCEO of boxing, physical and mental health companyThe movingo team has been a great asset to me! I've signed up for the full support plan, because I get so many financial questions every day and never know when another one's going to pop up. Besides the regular financial stuff, the team really helped me get my business up and running in another emirate quickly and easily, without any troubles. I think the full package is the best deal for money out there.
- Adrian CrossCEO of VR Training for Industry companyI have to travel a lot, and I am in the UAE occasionally. So working with movingo remotely is a game-changer for me. It is very handy, as they are always available on the messenger, responding quickly and monitoring the situation. We can do all of our work on the go with them, and all of my financial reporting is timely and I don't have to worry about it.
Government agencies
we work with
we work with
The government agency that's in charge of collecting and enforcing federal taxes.
The government agency that's in charge of boosting economic growth, creating jobs, and helping businesses develop.
It's the main economic development authority in Abu Dhabi.
The government agency that handles the issuing of visas, ID cards, and driver's licenses for expats living and working in Abu Dhabi.
The main authority for planning, supervising, and regulating commercial, financial, and industrial activities in Dubai.
